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The recently approved changes to the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) related to listed and public interest entities require firms to publicly disclose when the independence requirements for public interest entities have been applied in an audit of financial statements. The proposed narrow scope amendments to International Standard on Auditing (ISA) 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance, are intended to operationalise these changes in the auditing standards.
The IAASB is seeking comments on the exposure draft of the proposed narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised).
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore and actively undertakes public consultation with its members and stakeholders. ISCA would hence like to seek views from key stakeholders in Singapore on the above.
ISCA requires all comments to be submitted to professionalstandards@isca.org.sg by 9 September 2022.
Please click here for the IAASB ED.